Riyadh, Saudi Arabia – May 28, 2025 — Stitch, a Riyadh-headquartered fintech startup enabling faster deployment of banking and payment products, has raised $10 million in a seed funding round. The round was led by Arbor Ventures, COTU Ventures, Raed Ventures, and the Saudi Venture Capital Company (SVC), with additional participation from prominent family offices and industry veterans.
Notable investors include Jason Gardner, founder of Marqeta, and Abdulmalik AlSheikh, a key architect behind Saudi Arabia’s national payment networks, Mada and Sadad.
Founded in 2022 by Mohamed Oueida, Stitch offers a unified Software-as-a-Service (SaaS) and API platform that empowers financial and non-financial institutions to launch digital banking and payment products up to 80% faster than traditional methods. The startup claims its clients can bring products to market in under 90 days—significantly reducing development time and costs.
“Today, the process of building financial products is broken. Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful,” said Mohamed Oueida, Founder and CEO of Stitch. “Our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market.”
Expansion and Client Base
Initially focused on Saudi Arabia and the UAE, Stitch has rapidly expanded its footprint, securing its first clients in Kenya as part of a broader Eastern African expansion strategy. Current clients include major regional players such as Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, and Tanmeya Capital.
The fresh capital will be used to expand the company’s team, strengthen platform capabilities, and position Stitch as a leading infrastructure partner for banks, fintechs, and enterprises integrating financial services. The startup has attracted talent from global institutions such as FIS, Geidea, Rain Financial, NPCI India, and Al Rajhi Bank.
“Our investment in Stitch is driven by our commitment to supporting the growth of innovative Saudi-based startups, enabling them to compete both regionally and globally,” said Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC.
Khaled Lababidi, Partner at Arbor Ventures, added, “As emerging markets digitalize their financial services, we believe the next generation of technology infrastructure will come from places like Saudi Arabia and be led by founders who understand these regions.”
Fintech Funding Landscape in MENA
The news comes amid a surge in venture funding across the Middle East and North Africa (MENA). According to Wamda, startups in the region raised $1.5 billion in Q1 2025—a 244% increase compared to the $442 million raised during the same period in 2024. Fintechs led the charge, attracting over $1 billion across 36 deals.
Although March experienced a notable dip in funding—falling 76% to $127.5 million—the momentum picked up again in May. Notable deals that month included Qashio’s $19.8 million equity and non-equity raise and Tarjama’s $15 million Series A to accelerate its Arabic language technology rollout.
With its recent funding and growing client base, Stitch is well-positioned to play a pivotal role in the future of digital financial infrastructure across emerging markets.
